Unfolding an excellent chapter (bullish) in the ongoing GBPAUD story.
Bullish reak looms
Printing higher lows
1.8800 and 1.9100+ are the initial targets
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The 15 minute chart of GBP/AUD has forming a full elliot wave and Head & shoulders pattern
we can expect to be bearish up to the support level which is the neck line.
a break below the neck line would makes the potential selling pressure for the deeper downside moves.
GBPAUD SHORT H4 SHORT ..... BECAUSE IT HAS FORMED DOUBLE TOP AND IT HAS BROKE AND RETESTED BACK... I THINK LONG TERM IS SELL..U CAN TAKE SELL ORDER ON THIS PAIR NOW.. PUT TP AT UR H4 SWING LOW
The GBP/AUD pair has formed a bearish shark pattern.
It is currently taking resistance at 1.84000 zone and evening star pattern has also formed.
Hence we expect the pair to retrace to the support levels of 1.79565.
Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.7650 would begin in Midterm.
We will close our open trades, if the Midterm level 1.7650 is broken.
New trading suggestion:
Price may also reach 1.7650, if price reaches this level, there is a second chance to get more profit and...
The day chart of GBP/AUD indicates that the pair is currently in downtrend.
The pair made a strong downside move and is now currently making a retracement(50%).
It also coincides with the strong resistance zone and the pair is currently facing resistance based on price action.
Hence it is a good time to initiate a short trade.
GBPAUD coming to resistance zone to retest, we can see very very good selling opportunity from retest zone so look closely to sell this pair with the tat of 1.7700
Midterm forecast:
While the price is below the resistance 1.8660, beginning of downtrend is expected.
We make sure when the support at 1.7995 breaks.
If the resistance at 1.8660 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Price may also reach 1.7995, if price reaches this level, we may enter by Daily-Trading-Opportunities,...
In Daily we can see H&S may forming.For now we have to wait for better entriesNo fantasy 'Plan your trade, Trade your plan'.Keep your analysis as simple.
